Wednesday, February 22, 2006

Yesterday was not a good day if your last name starts with an S, ends with an M, and has the letters "antoru" in the middle

Sen. Rick Santorum's (R-PA) $500,000 five year mortgage on his home in Leesburg, VA is in question. The loan came from a small Philadelphia bank (who also happens to be a major financial contributor to Santorum's political interests) even though the loan is contrary to the Bank's stated policy to "make loans only to its 'affluent' investors'" of which Santorum is not. From the Philadelphia Daily News:

"Philadelphia Trust advertises itself as an independent private bank for 'affluent investors' - who have liquid assets of at least $250,000 - and for institutions. On its Web site, it states that its "[b]anking services are available only to investment advisory clients whose portfolios we manage, oversee or administer."

Santorum does not meet these requirements which, if true, means he may have violated Senate ethics rules.

And how much cash has the bank given Santorum?

"Officials with Philadelphia Trust have been generous supporters of Santorum's campaign since the private bank opened its doors in late 1998. Federal records show the company's executives, directors and their spouses have donated $24,000 either to the senator's campaign or to the America's Foundation PAC. Of that total, $13,000 came from the man who signed the mortgage papers - Philadelphia Trust CEO Michael Crofton - and his wife.

"Crofton also has been chairman of the board of advisers for Operation Good Neighbor, and records show the bank has donated at least $10,000 to the senator's charity."

Unfortunately for Santorum, the story doesn't end there. The Philadelphia Daily News also calls into question contributions and spending by the Senator's PAC.